A prominent apartment community in Spartanburg County is under new ownership.
Nashville-based Covenant Capital Group recently announced the $12.5 million sale of its 183-unit Veridian Spartanburg complex at 315 Birchrun Drive off Warren H. Abernathy Highway, across from Target.
Covenant purchased the 20-year-old facility in June 2012 and invested $2.5 million in renovations during the past six years.
According to the company’s website, the transaction closed on Jan. 30.
Covenant did not disclose the name of the buyer.
The complex’s website showed it is now managed by Dallas-based Pinnacle Property Management Services.
According to its website, Pinnacle Property Management Services is a “privately held national real estate provider specializing in third-party management of multifamily residential communities.”
The company said its operations include more than 165,000 residential units, 2.75 million square feet of commercial assets, and more than 4,100 employees in 30 states.
Veridian Spartanburg, located near the county’s busy west side retail corridor and just a short drive from interstates 85 and 26, is one of three communities Covenant sold in January.
Covenant said it completed the sale of eight apartment properties since the start of the fourth quarter of 2017 for a total of $195.85 million. Those properties are in Tennessee, Alabama, Florida, Georgia, Kentucky, and the Carolinas.
“We invested in these apartments by renovating and updating as well as enhancing operations to extend their lifespans,” said Govan White, managing partner and co-founder of Covenant Capital Group, in a statement. “We’re confident these communities will continue their considerable momentum under new ownership.”
